Whittier Trust Co. Sells 2,716 Shares of Verizon Communications Inc. (VZ)
Whittier Trust Co. lowered its stake in Verizon Communications Inc. (NYSE:VZ) by 0.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 284,698 shares of the cell phone carrier’s stock after selling 2,716 shares during the quarter. Whittier Trust Co.’s holdings in Verizon Communications were worth $14,090,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in VZ. Vantage Financial Partners Ltd. Inc. purchased a new stake in Verizon Communications in the second quarter worth $623,000. Mountain Capital Investment Advisors Inc purchased a new stake in Verizon Communications in the second quarter worth $156,000. Regal Wealth Group Inc. grew its stake in Verizon Communications by 0.7% in the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after purchasing an additional 24 shares during the period. Camarda Financial Advisors LLC grew its stake in Verizon Communications by 11.3% in the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after purchasing an additional 382 shares during the period. Finally, M. Kraus & Co purchased a new stake in Verizon Communications in the third quarter worth $201,000. Hedge funds and other institutional investors own 63.23% of the company’s stock.
Verizon Communications Inc. (VZ) opened at $53.19 on Tuesday. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02. The firm has a market capitalization of $216,990.00, a PE ratio of 13.64, a price-to-earnings-growth ratio of 4.98 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, hitting analysts’ consensus estimates of $0.98. The business had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a return on equity of 55.81% and a net margin of 11.78%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.01 earnings per share. equities research analysts forecast that Verizon Communications Inc. will post 3.77 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date of this dividend is Tuesday, January 9th. Verizon Communications’s payout ratio is 60.51%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $48.62, for a total value of $29,658.20. Following the completion of the sale, the executive vice president now owns 5,989 shares in the company, valued at $291,185.18. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders sold 1,830 shares of company stock valued at $88,609. Company insiders own 0.13% of the company’s stock.
Several equities research analysts have commented on VZ shares. Macquarie reissued a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a report on Sunday, October 22nd. SunTrust Banks reissued a “hold” rating and issued a $50.00 target price on shares of Verizon Communications in a report on Friday, October 20th. Moffett Nathanson reissued a “buy” rating on shares of Verizon Communications in a report on Thursday, October 12th. Wells Fargo & Co raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Monday, November 20th. Finally, Instinet boosted their target price on Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, December 12th. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $51.99.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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